Robinhood (HOOD) investors might be bullish on the market. Take a look at the brokerage’s stock performance over the last year and you might see some reasons why. Looking to build upon that momentum, the company announced a series of new social and AI-focused features at the company’s annual HOOD Summit.
Chief among the announcements were new tools for advanced traders, including the ability to short sell — or bet against — assets. The strategy was not previously available to traders on the app. In addition, the company also announced overnight index options, the ability to open additional individual brokerage accounts, and new features in its pro trader product, Legend.
However, many of its most interesting tools were arguably made for everybody. Robinhood announced its first foray into AI with the rollout of Custom Scans, which allows users to ask a large language model to create indicators or help screen stocks based on criteria; no coding experience required.
CEO Vlad Tenev promised more features from its still-nascent Cortex AI business, promising to integrate it into every aspect of the Robinhood experience. Some of these new Cortex features are expected to be shown off at the company’s December keynote.
The company also offered a glimpse of its forthcoming social media product as well, a callback to its early roots as a first-mover in the social trading sphere. Due out early next year, Robinhood Social will allow verified users to share trade ideas, discuss strategies and copy ones they like, and track track successful traders and ‘whales’ such as politicians, hedge funds, and company insiders.
A return to social features will be a shot across the bow of long-time trading community Stocktwits, brokerage app Public, and venture-backed newcomers like AfterHour. In recent years, many firms have taken a stab at the social trading phenomenon, hoping to capture the pandemic-era ‘mainstreamization’ of stock trading. The company says it will also support all asset types, including equities, crypto, and prediction markets.
Further cementing its dominance over the new wave of retail traders, Robinhood’s stock has been a hot commodity on Wall Street and Main Street, rising over 502% over the last year and scoring addition to the S&P 500. Its performance has surpassed those of other fast-growing index additions like Palantir Technologies (PLTR) .
#Robinhood #announced #big #features #traders